In the beginning stages, many startups struggle with implementing a customer acquisition strategy. However, this is a vital component, since few people are familiar with your products and services, much less your brand.
Not to mention in the last five years, the cost of acquiring new customers has increased by over 50%.
As a new business, you need ways to acquire customers in a cost-effective manner. That’s where this article comes in.
In this guide, you’ll learn customer acquisition strategies that can apply to any industry. By the end, you’ll have a customer acquisition strategy that is evergreen and will start your business off on the right foot.
But first, let’s understand what customer acquisition is, and how it differs from other digital marketing strategies.
What is customer acquisition?
Customer acquisition is the process you use to bring in new clients to your business. This isn’t a one-time process, but one that must be sustainable and continuously adapt to changing trends.
Customer acquisition is not to be confused with lead generation. Consumers follow a purchasing journey, from the time they first learn about your brand to when and if you can successfully convert them into a customer. Lead generation makes up the top part of the sales funnel, where customers first learn about your brand. Customer acquisition, however, is the entire process that involves all of these stages:
Gaining awareness and interest in your brand
Considering your products among the competition
Deciding to become a customer of your business
As such, your customer acquisition strategy will need resources and tools to continuously lead customers through the entire cycle. Start by defining the target customers who will use your brand, and only using customer acquisition methods for this audience. However, keep the methods diversified, since targeting customers in multiple areas will give your business a higher chance of securing more.
Understand your customers
Before you even implement any strategies, the first step you need to do is to understand your customers.
Your product is likely the perfect solution to a problem faced by a certain demographic. Therefore, if you can discover this demographic, you can focus your acquisition efforts primarily on them.
One method many companies use is to seek out your ideal audience and ask them to try out your products and services. Then, once you’ve received some feedback, you can tweak your products to better suit the needs of your customers.
It’s not enough to know who your ideal customers are. It’s equally important to know where to find them. Finding out this information takes a lot of experimenting, but having clear goals set will help you see which channels work.
Know that every customer’s journey is different. People who have an immediate need for an inexpensive product are going to have a much shorter purchasing journey than someone who wants to buy a car. This point goes back to having a diversified customer acquisition strategy.
Now that you understand who you’re trying to target and where you can find them, it’s time to put your customer acquisition strategy into action.